Menu
|
| How
does debt management work? |
| Your creditors
are approached by a well established financial consolidation company.
Negotiations are made and lower installments are paid to them on your
behalf. A single, affordable monthly payment is calculated for you
based on your individual financial circumstances. This payment is
then distributed by the financial management company to each of your
creditors. |
| By
how much can debt management reduce my monthly repayments? |
| The monthly repayment is tailored entirely
to your individual needs. It is based specifically around your affordability. |
| Can
I increase payments to clear the debt more quickly once my financial
situation is stable? |
| Clients are always welcome to make
larger installments, allowing the debt to be cleared at a faster rate.
Also, full and final settlements can be made on the accounts at any
point during the repayment plan. |
| What
happens if I start to struggle with the restructured payments? |
| If due to a change in circumstances,
the monthly repayment becomes difficult, it can be arranged to be
reduced further, to become more affordable. |
| How
do I know that my creditors are being paid? |
| As the creditors are paid
on a monthly basis, you will receive a receipt confirming the individual
amounts paid to them. |
| Will
this affect my credit rating? |
| As you maybe already experiencing financial
difficulties, it is likely that the credit companies have, or at some
point will register adverse findings with credit reference agencies.
The financial management plan is designed to ensure your creditors
are paid on a regular monthly basis and in the long term will help
any bad credit to be deemed as satisfied. |
|
